Abstract:
Export and R&D are natural complementary activities. However, as a result of financial constraints, export and R&D are not feasible simultaneously and likely to become substitutes. With respect to this research topic, this paper utilizes data of listed companies in China from 2009 to 2013 to carry out empirical studies. We follow existing literature to construct a series of indicators of financial constraints. The estimation results from multinomial logit model show that, financial constraints produce negative impact not only on export but also on innovation. More importantly, financial constraints weaken the complementarity between export and innovation and even lead up to a situation that export crowds out innovation. Using alternative measures of financial constraints in the robustness checks, we find the empirical results remain the same.
罗长远, 季心宇. 融资约束下的企业出口和研发:“鱼”与“熊掌”不可得兼？[J]. 金融研究, 2015, 423(9): 140-158.
LUO Changyuan, JI Xinyu. Do Financial Constraints Result in A Trade-off between Export and R&D?Evidence from Firm-Level Data in China. Journal of Financial Research, 2015, 423(9): 140-158.
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